The savings platform, Raisin UK, welcomed a new Sharia savings provider last week which, when you take the Raisin bonus into account, can boost the rate available to market leading. For more about Sharia accounts, take a look at our recent article.
Matching the Gatehouse Bank 1 Year Fixed Term Deposit, the introduction of QIB UK presents more choice, with its 1 Year Fixed Term Deposit* paying an expected profit rate of 1.90% AER.
And, while on its own, this is not quite market leading - rates of up to 2.03% can be found elsewhere - when you add the Raisin UK Bonus, this elevates the return.
At the moment, Raisin UK customers will be rewarded for each product they fund with £10,000 or more via the platform - even existing customers who have already claimed a bonus.
Those saving £10,000 to £19,999 will receive a bonus of £20, savers with £20,000 to £39,999 will receive £40 and savers with £40,000 and over will receive an £80 bonus.
So, as an example, on a balance of £10,000 deposited into the QIB 12 month bond via Raisin UK*, you would earn £190 in gross interest over the 12 months. But if you add the £20 bonus that applies on balances of £10,000 to £19,999, this means you’d receive £210 in total – equivalent to 2.10% - head and shoulders above the best rates available off the panel.
Even with the maximum balance of £85,000, once you add the £80 bonus, the overall return equates to around 1.99% - so still a competitive rate, especially when you take into consideration the ease of opening multiple accounts via the platform. Once you are a customer, you can open and fund new savings products by logging into your Raisin UK account and choosing from what is available. You don’t have to go through another application form or ID check.
Be aware that in order to receive the bonus, you must claim it. All you need to do is send an email to bonus@raisin.co.uk from the email address that you registered with Raisin, containing your full name and the amount you are eligible to claim and then put BONUS in the subject line. You should do this within 30 days of funding your new savings product. You should then receive the bonus into your bank account within 60 days.
To read more about Raisin UK and the products they currently have available, take a look at our Platform Provider Focus.
*We are occasionally paid by some providers if you click through from our Best Buy Tables and open a savings or current account with them. We will never accept a payment that compromises in any way our independent, whole of market approach to providing information on savings products. For clarity we will indicate those companies who remunerate us with an asterisk (*).
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